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through changes of entitlements and repeal of obama care. it balances the budget in tense years without raises taxes. it was says under that proposal, they'll spend $41 billion. under our proposal, it will increase by 3.4% because the u.s. economy will grow faster than spending, the budget will balance by 2023. and debt held by the public will drop to over half the size of the economy. it does that by repealing obama care and that is going to have a very difficult time, especially with the administration and also in the senate. we're going to talk more about budget debate in a few minutes. then at 8:00 eastern time, we'll be joined by tom price. he is one of a handful of republicans who prose part of the van pollen. and then 8:120 eastern time. first, snow, scott wapner is here with some of the morning's other headlines. >> nice to say you. at&t is going to begin consumer and corporate presales of the blackberry's e-10 today. meantime, samsung is set to release its latest smartphone. yum brands reporting an unexpected 2% rise in profits. take a look at shares of yum. there you see the s
officials ignored growing risk and hid losses from regulators. it accuses the bank of changing risk model toes work around capital rules. ceo jamie dimon comes under heavy criticism from the senate panel. he is not scheduled to be among the bank officials testifying out there today. although some are wondering if he will show up and defend himself. it was a rough night for jpmorgan. in a separate story, the fed is telling the bank and rival goldman sachs that their plans for maintaining proper capital levels are weak. regulators are ordering both firms to revise their capital plans by tend of september. the fed turned down similar requests from allied financial and kayla tousche is here with more on this story in just a few minutes. but first, brian has a look at the markets this morning. brian, welcome. it's great to see you. >> i wish i could say the same thing, becky, but it's early. i can't believe you guys do this every day. listen, becky, the dow extending its winning streak to ten straight sessions. we have not seen a string of gains like this since jerry mcguire was the number one
and a ton of the jobs, as well. they realize it's going to be a change of livelihood. changes that will happen in this country no matter what are going to be startling to the people here. >> i saw all the headlines coming from russia and the president here making strong comments. is that going to fall on deaf ears in europe? is that not a big deal as far as they're concerned? >> that would be my interpretation, absolutely. would you agree with that, adam? whatever russia says is going to fall on deaf ears when it comes to the troika? >> it doesn't fall on deaf ears. but the europeans have made a categoric statements. cypress has to come up with 5.8 billion euros. it can't be through new loans, it can't be through the pension funds, it can't be through securitized tax. even if they're going to come up with a tax on deposits or something else, they're going to have to solve the banks without the cash. >> but they don't care about the russi russians? >> they care about the russians, but not enough to give them another 5 billion euros. >> michelle, that you can very much and adam,
brings change. he had the first jesuit to be named pope. guys, back to you. >> mary, all the reports that i've heard, at least the initial reports, show that huge amount of enthusiasm, talking about what you mentioned with his humility, with his real touch with the people. he's known as a soccer fan and a man who walks among the streets and that's makes the people in argentina love him all the more for those issues. but you're right, he face aes huge number of hurdles with the scandals that have come up in recent years. >> it's true. and i think what's interesting is picking basically someone who is considered a pastor as opposed to a theologian. the church is understanding that. they need someone who can reach out and make a connection with the people because pope francis had a similar problem in argentina, feeling the catholic church didn't do enough to fight back against a very abusive government. so he's used to dealing with a disaffected populous. >> that has been the one criticism that i've heard, is that you'll see much more on his silence during those years in argentina durin
by the change in book value versus the s&p 500 with dividends added back. i mean, you can buy a -- an index fund, a very low cost index fund and get those results. so unless we're delivering something better than those results over the years, we aren't doing anything. and it's true now that our -- the real value of berkshire is considerably greater than book value. but year to year, book value knot a bad tracking measure of how our intrinsic value is. some years we -- well, generally speaking, if the s&p has a big up year, we're going to fall short because they're 100% in stocks. we're a third in stocks and then we -- hacks affect our gabes. we take 35% off those gains as they occur. but ur job is to beat them over time. >> berkshire was up by 14%. >> 14.4% for me to be rounding there. is that a reflection, you think b, of -- this has now been four years running that berkshire has outperformed the s&p there. is that a reflection of how big berkshire has gotten at this point? >> both. but it's beat us three out of four. and, of course, we've still never had a five-year period when we've fallen sh
cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to hear. >> there's a good piece in politico. i don't know if you saw it that michael allen wrote that really sort of walks through why the grand bargain may never happen and i think -- i don't know if it's ben's line or whose but no longer a passing game. it's a ground game. we're just sort of incremental tr
. they're not going to listen or theory into the going to actively -- it doesn't change their -- but it's not about the investment bank. it's about the shareholders at dell, right? >> no, no. evercore gets paid if they niend a better deal from somebody else. so you need -- you don't have a constituency inside that's working necessarily to put a deal like that on the table and decide whatever carl icahn wants to do -- >> but if it's really obvious that it's way too low, then the market should -- someone should come in and say the money is here for the taking and i'm going to give a higher offer. >> yeah. >> so i almost think it should work either way. even michael dell doesn't know if he's going to be successful in making this a great company. >> that's right. >> what would happen to the company -- i'm just reading through the rest of this carl icahn dollar. he said a 9 billion million. it comes from 4.76% a share. and then he wants another and then 4 many 26 a share or 5.25 billion in new debt. so this is really interesting. i think carl acahn must have taken their proposal and is using
that something needed to change. and also what was interesting is the commission that manages the one child pold policy has been demoted and moved into the ministry of health. that's suggesting to a lot of people that we are going to see change to the one-child policy, not only as a response to the people's criticism of this policy, because a lot of them think that it's unfair and horrific, but because economically speaking for china's future growth, it needs to be able to continue to add people to its population in order to concede the workforce. >> with investors, there's always a lot of caution about do we trust this, can we really invest in these places? how do you feel about it? >> i think that's true on a macro and a microlevel. i've always been questioning the data. i and a number of other analysts have said gdp growth was more around 5% or 54.35% last year. on a microlevel, there's the question of do you believe numbers chinese companies report about the performance and that's been a huge issue in markets here. >> we had jim chanos on the program last week. and he's been very skeptical a
? you mean that literally because i didn't change for last night's nightly news. >> i did wonder about that. because you had a white shirt on with the sleeves rolled up and i watched you on brian's show last night, didn't you? >> and i slept for 3 1/2 hours, come right back. >> are you doing the walk of shame today, fella? you didn't go home last night? >> there's no shame in this game. i went to work here t weather channel at 1:30 in the morning. >> that's a proud walk, not the walk of shame. thank you, eric. say hi to wolf reynolds for us. >> reynolds wolf. >> reynolds world? >> either way it sounds good. >> it's good to have a name where it goes -- it doesn't really matter which one you do first. sometimes they put your last name with a comma and then your first name. michelle gerard, chief u.s. economist at rgf, kevin ferry of cronus futures management. michelle, what we finally decided yesterday was the fed gets more cover to keep doing what it's doing. just about anything you can turn into a positive when you have a fed -- >> exactly. that's exactly right. bad news that undermine
of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >> we are talking about things beyond that. >> in what way would this be beyond that? >> we don't know. we don't know yet. we don't have any details. we just continue the discussions and they're waiting for us now to continue the discussions in another place. >> how long will the discussions last for? >> for as long as it takes. we will be here until we get some agreement. >> long as it takes. that's very different of course from the deadline talks we had with the eu. why is it so important for russians? the russians have their biggest investor from what country in the world? cyprus. $130 billion from mostly russian companies based in cyprus went back into russia in 2011. moody's pointed out if there's a moratorium on debt repayment with the cyprus more generally, $53 billion could be on the line for the russians. the russians are big stake holders in this and they are indignant they weren't brought into the discussion before now
intuition on what's best for our customers. this leadership change gives smu breathing room to break bad habits and deliver sustainable customer happy ps. don't waste the opportunity. it's amaamazing letter and sease wishes the best for coupon and it is refreshing from what you usually get in these corporate titles. >> did he sell much already? >> no, no, no. >> still not so bad. and he has even more controlling shares, right? >> yeah. >> which i don't know if it's a good thing or a bad thing when use you leaving the company. when a founder leaves, do you still want them to have these special schars? >> the interesting thing, first of all, this would be the first multibillion dollar company that went the zero, from zero to round trip to zero. it's been on that trajectory. but, you happen, you read a letter like this, this is nonwall street, nonsilicone valley vision for a company. >> do you give credit to google for not doing the deal? do they look like idiots now? >> i'm still thinking back to 210,000. in the past, we have people that started things and got like 50 million and you were
inches of snow. an incredible gradient there. and then there's a change in the forecast as we look faurth to the north. this may take a nor northerly turn as we head into wednesday and thursday. this could bring new york and boston and hartford, providence into snow and coastal flooding. so a lot of folks affected approximated. back to you guys. >> eric looks like a weather man. he likes likes a guy who is trying to find out -- >> roll up the slooeps sleeves a little bit here. i tell reynolds he's a moniker away from the monopoly guy. >> wow, that's true. >> i like the rolled sleeves. that looks good. >> reynolds is gq or something. >> he's a lot more educated high class gentleman than some of us other folks here. >> listen to that. that's tinged with sarcasm. >> oh, no, no, no. >> he looks good. light colors, dark colors. anyway, so do you, though. anyway, thanks. thank you. >> and i feel like we know a lot about the weather. >> thank you, eric. >> reynolds comes on, he's going to -- anyway. back to the markets as we've been discussing the dow, 36 points from a record close. chief invest
change to fighting on the sequester, which is about 0.5% instead of the debt ceiling or shutting the government down, which are unimaginably big if they were to be a problem, that shift is something that was definable meant that you could lower your estimate of a disaster because you're not going to have a debt ceiling mess. you're fought going to have a big government shutdown. you have a 0.5% drag from the sequester and that's about it and you know wa you're dealing with. >> what made me feel a little bit better about what you just said, so many people are saying this is a fed fueled stock market rally. and that is true to some extent. but you just talked about all of the underpinnings of the economy that are benefiting from the fed policy which justify the move in march. so it's not just like some -- something that only affects the wealth effect in stock markets. the underlying economy is reflecting the low rates, which is helping underpin the market. >> the fed easying policy is inefficient, but it's working. they're kind of, okay, it doesn't work that efficiently, so we're g
hard to lose him. >> i'm seeing a change in activity in that special group of people that are driving things. we should have asked michelle about that. she's always on. >> but i'm also seeing, andrew, today, you're 36. 30 is the new 40. >> i like the way you talk about these other tenth percenters as if they're other people. we have to go again. >> coming up, a live report from europe. stocks are selling off in early trading after news about cyprus. . a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'll e-mail your receipt in a flash, too. it's just another way you'll be traveling at the speed of hertz. >>> good morning. welcome back t
have been able to jigger things around to do what they want without ever calling anything a change in the treaty so it never had to be voted on. everybody knows there's a lot of unpopularity if they have to put something to a vote to the people. not just in italy. but in italy, the people are in control. italy is potentially much worse. what they've done with the banks in cyprus have to make you worry about what they're going to do to solve your situation when you have a problem. this isn't a template, but cyprus is a special thing and spain and portugal are a special thing and italy will be a very special thing. >> they can't devalue, so people need to lower their expectations for the kind of life they can lead and they don't do austerity because when they try and do austerity, you don't get the revenues. so how do you do it, other than taking depositors' money, how do you do it? >> this is the fred flint stone solution. you just sort of go back to where you were. the italians is made it clear. this is not going to happen. >> right. it's not going to happen. >> there's an argument
what you're missing. it's single handedly changing business probably for the better. we have the man behind it all, coming up next. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses ♪ your finances can't manage themselves, but that doesn't mean they won't try. bring all your finances together with the help of the one person who can, a certified financial planner professional. cfp -- let's make a plan. ♪ your finances can't manage themselves, but that doesn't mean they won't try. bring all your finances together with the help of the one person who can, a certified finan
town car we didn't have. we made a lot of changes and we're really expecting this to grow for us. >> all right. well, you know, the ads -- some of the new designs, looks like you went back to the drawing board from scratch. we wish you luck on that. and thanks for coming on today. we appreciate it. we'll talk to a lot of different people from the auto show. thanks, jim. >> thank you very much. >> is it a leg room thing with you? you're not entertaining specifically? >> no. leg room. >> all right. >>> still to come on "squawk" this morning, two news makers, one show, you cannot afford to miss the next two hours. we have aig ceo, but first, we welcome doug parker as our guest host. a new ride comes along and changes everything. the powerful gs. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. ♪ [ male announcer ] help brazil reduce its overall reliance on foreign imports with the launch of the country's largest petrochemical operation. ♪ when emerson takes up the challenge, "it's never been done before
care law. the senate voted on the tax but the resolution is not binding and it will not change the levy. so they get to say we voted to repeal it even though it doesn't actually repeal it. >> you said dumping duties? >> i said anti-dumping duties, actually. >> dumping duties. let's check on duties. >> d-u-t-i-e-s. >> okay. let's check on markets. i saw them early, even though -- >> duties? >> duties. kyle, you're still doing that, right? >> duties? yes. he doesn't call it that. >> oh, yeah, lots of them. you want a healthy -- you know? it's a growing boy. he's a big, strapping kid. >> he's got it. >> futures indicated higher even though europe is lower, up 13 points or so. not a great day yesterday. we lost about 90 on points. there's what's happening in crude this morning, up 21 cents a share -- or 21 cents a barrel. treasuries, 1 is.9%. i would have been watching grass dry for the last year or two and there's the dollar. 12.29 on europe. and then, you know, you would figure gold might be a little more. no -- >> yeah. one of our guests yesterday was somebody that thinks that gold is no
production during his 14 years as the leader of venezuela. analysts don't expect that trend to change immediately. michelle caruso cabrera is going to be joining us in the next half-hour to talk about all this and what it means. >>> in corporate news, e.u. regulators set to hit microsoft with a hefty fine today. the antitrust chief in europe will be saying that the company broke a promise to offer consumers using its windows system a choice of rival internet browsers. didn't that debate end a long time ago? i feel like this is so backward looking. anyway, google has also begun testing a same-day delivery service. it's called google shopping express. the setup helps local retail stores sell products on line and have the items delivered to shoppers the same day. the service is google's latest move into amazon's e-commerce world. we'll see all about that. >>> we've talked about stocks and record highs. let's look at the broader markets. quickly look at the ten year, 1.9%, you expect maybe yields back up a little. a look at the dollar. we'll talk to rebecca about obviously. and then gold
will reportedly need to hold shares likely worth $1 million for at least a year after he retires. this is a change under a new compensation policy there. the bank instituted that change after investor pressure. the policy requires some other top executives to keep a minimum number of shares of the bank at least until they retire. previously, moynahan only needed to hold the stock in the company. meantime, other top executives did not have a holding period requirement, but, again, interesting change on how things are set up. why don't we take a look at the markets this morning. as we mentioned, futures are sharply higher on news this of this deal in cyprus. this morning, dow is up over 8 on points. s&p futures are up by more than 10 points and the nasdaq is up by just over 17.5 point. oil prices, they're up about 44 cents. almost 0.5% to $94.15. and the ten-year note, again, people were watching very closely what happened to treasuries yesterday. yield at this point at 1.958%, sitting just below 2%. the dollar is a little stronger against the yen, but it's down against the euro because the euro got
Search Results 0 to 19 of about 20